Business · India Bureau
Borderless admits unauthorized US stock trades hit customer accounts
The trading platform has disclosed a security breach affecting 26 customer accounts, with unauthorized trades executed in 13 of them. The company suspects a social engineering attack may be behind the incident.
LSN India ·
Borderless has broken its silence on a trading fraud incident, confirming that hackers gained access to 26 customer accounts on its platform. The breach resulted in unauthorized trades being executed in 13 of the compromised accounts, the company said in a statement.
The incident marks a significant security lapse for the trading platform, which serves investors seeking exposure to US equities. Borderless did not immediately specify the financial impact of the unauthorized transactions or provide details on when the breach was first detected.
The company has indicated that a social engineering attack is the suspected cause of the unauthorized account access. Social engineering typically involves manipulating individuals into divulging confidential information or bypassing security protocols through deceptive tactics.
Borderless has not yet disclosed whether affected customers have been individually notified or what remedial measures are being taken. The platform's response to the breach and its security review process will likely face scrutiny from regulators and customer advocacy groups.